I'm able to produce the effect in real time in Mixcraft 8, But not able to record Audio & Playback,
I can achieve this in Ableton Live Via this https://www.youtube.com/watch?v=JPVT_CQcEH8 tutorial,
Help would be most appreciated.

Nope, and I do not have that razor to test with. I do have reaktor though.
In the video, they load reaktor onto the audio track. So it will be controlled by midi input right?
Maybe someone else can chime in with a similar setup.